FX:XAUUSD   Gold/U.S. Dollar
2696 11 49
5 months ago
Finally it was a pennant still, with a breakout yesterday. Gold             is rallying against the dollar, with the stocks .
I have never seen this before.
I think the explanation here is the same as in the stock market . Governments are printing horrible quantity of money in these days to save their a***.... They don't care the consequences . Only the present is important .

The upcoming US elections. The European union's problems. While they can cure it with money printing they will print. Sooner or later the bubble will pop and there will be a currency crisis.

The target price counted from the pennant is minimum 1400$. As I'm watching silver's breakout the PM sector will not stop for a while. If we printed a DCL on the Brexit night we could rally for 4 more weeks.
A possible entry point could be the 10 EMA tag at the 4 hrs chart. The same point could be a possibilty to exit the shorts.

These kind of breakouts are damn powerful. I don't know what will happen when commercials realize that they can't control the price and get out of gold's way. I wonder how the COT reports will look today.

And the dollar is not even falling... When the dollar starts to fall gold             will go crazy....
5 months ago
Comment: USA is buying.
Breakout from the flag
snapshot
Trendhopper PRO
5 months ago
Its either what you say or a classic Bulltrap.....you are right Gold shouldn't be this high, should go opposite to stocks.....RSI is high so im not buying a maybe rally to 1400.....NFP next week....one good set of jobs data and gold will collapse..:0)
+1 Reply
RogerS PRO Trendhopper
5 months ago
What if NFP is not as good as US expects ? Then the collapse could become a skyrocket and we all be late for this one. The same happen past 3th June. We have to be prepared for both scenarios but I don't want to miss another train :)
Reply
Trendhopper PRO RogerS
5 months ago
Have finger poised on the button on Friday 8th July 12.30 GMT......go with the trend!!..I think if data is bad(low job creation) there will be less movement...purely because GOLD has already priced in a lot of bad economic news....not like last month where the news came as surprise and gold was low at 1200....wasn't expecting it.....so for maximum profit we want some good data and rate rise to be back on the cards, by then this BREXIT nonsense will be wearing off...UK Isn't leaving EU....this is also why stocks are up....
+1 Reply
BartekAnisko Trendhopper
5 months ago
stocks are up because osborne has hinted at stimulus in the summer and corporation tax cuts
Reply
Trendhopper PRO
5 months ago
Could be a fakey Breaky
+1 Reply
MMadryga
5 months ago
Actually, on the 4 hr DXY chart the $US is falling and Gold is acting inversely to the $US so we must be reaching an equilibrium.
+1 Reply
Nightstar
5 months ago
Folks, this is not a 'fake-out'.. Over the next few years everything will be going up together except for the US Dollar which is about to begin a Bear Market trend. Now, you can try and 'play' the Market all you want but everyone should be holding a core position in stocks and commodities. If you're wondering why? I'll give you two of the biggest reasons:

1) Negative interest rates are infectious and continue to spread all around the Globe.

2) Trillions of dollars of paper currency flooding the Market to artificially prop up the Market.

You can't fight the printing press!
Reply
Childrenofmen Nightstar
5 months ago
Agreed! The only losers are savers here!
Reply
traderzaius
5 months ago
silver is a monster right now....an absolute monster
+1 Reply
YD
5 months ago
nice chart I actually had the same idea but didnt act on the break out =/ .. I think price can reach 1350-1360.. then traders will likely take profit.. im expecting price to drop back to 1300-1250 before going to 1400 area..
+1 Reply
val_trader YD
5 months ago
I agree with you
Reply
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